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Money and the Monetization of Credit

Author

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  • Martin Shubik

Abstract

The relationship between money and credit is developed in terms of "know-who" networks. It is suggested that the link between dynamics and equilibrium theory in economics can be built by regarding the noncooperative no-credit and the general equilibrium models as providing lower and upper bounds to the dynamics. The dynamics involves the reinforcement of trust in "know-who" networks. Some suggestions for the measurement of the velocity of money and credit are made.

Suggested Citation

  • Martin Shubik, 2001. "Money and the Monetization of Credit," Working Papers 01-12-080, Santa Fe Institute.
    • Handle: RePEc:wop:safiwp:01-12-080
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    References listed on IDEAS

    as
    1. Martin Shubik, 2000. "The Theory of Money," Working Papers 00-03-021, Santa Fe Institute.
    2. Arthur, W Brian, 1989. "Competing Technologies, Increasing Returns, and Lock-In by Historical Events," Economic Journal, Royal Economic Society, vol. 99(394), pages 116-131, March.
    3. Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 927-954, August.
    4. Dubey, Pradeep & Mas-Colell, Andreau & Shubik, Martin, 1980. "Efficiency properties of strategies market games: An axiomatic approach," Journal of Economic Theory, Elsevier, vol. 22(2), pages 339-362, April.
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    Cited by:

    1. Guido Fioretti, 2005. "Credit Rationing in a Basic Agent-Based Model," Finance 0505002, University Library of Munich, Germany.

    More about this item

    Keywords

    Networks; money; information; credit; trust;

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory

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